Morningstar

Morningstar, Inc.

Equity Bottom-Up

No-moat Diamond posted sequentially flat revenue as a 3% uptick in the company’s average rig count was offset by a 2% decline in day rates. Adjusted operating margin slipped to -19% from -15% in the fourth quarter owing chiefly to these weaker day rates. These results were largely in line with our expectations and management’s guidance. Dayrates for rigs continues to hover around the price floor, and our fair value estimate remains unchanged. Loss per share came out to $0.53, below EPS for the…

United States

Diamond Offshore Drilling, Inc. is a global offshore oil and gas drilling contractor. The Company is a deep water driller that serves markets that include the deep water, harsh environment, conventional semisubmersible and jack-up markets.

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